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•Exercise professional judgment and maintain professional skepticism throughout the audit. <br /> •Identify and assess the risks of material misstatement of the financial statements,whether due to <br />fraud or error,and design and perform audit procedures responsive to those risks.Such <br />procedures include examining,on a test basis,evidence regarding the amounts and disclosures in <br />the financial statements. <br /> •Obtain an understanding of internal control relevant to the audit in order to design audit <br />procedures that are appropriate in the circumstances,but not for the purpose of expressing an <br />opinion on the effectiveness of Charles House Association's internal control.Accordingly,no <br />such opinion is expressed. <br /> •Evaluate the appropriateness of accounting policies used and the reasonableness of significant <br />accounting estimates made by management,as well as evaluate the overall presentation of the <br />financial statements. <br /> •Conclude whether,in our judgment,there are conditions or events,considered in the aggregate, <br />that raise substantial doubt about Charles House Association's ability to continue as a going <br />concern for a reasonable period of time. <br />Raleigh, North Carolina <br />September 17, 2024 <br />Auditor's Responsibilities for the Audit of the Financial Statements <br />Our objectives are to obtain reasonable assurance about whether the financial statements as a whole <br />are free from material misstatement,whether due to fraud or error,and to issue an auditor's report that <br />includes our opinion.Reasonable assurance is a high level of assurance but is not absolute assurance <br />and therefore is not a guarantee that an audit conducted in accordance with auditing standards <br />generally accepted in the United States of America will always detect a material misstatement when it <br />exists.The risk of not detecting a material misstatement resulting from fraud is higher than for one <br />resulting from error,as fraud may involve collusion,forgery,intentional omissions, <br />misrepresentations,or the override of internal control.Misstatements,including omissions,are <br />considered material if there is a substantial likelihood that,individually or in the aggregate,they <br />would influence the judgment made by a reasonable user based on the financial statements. <br />In performing an audit in accordance with generally accepted auditing standards, we: <br />We are required to communicate with those charged with governance regarding,among other matters, <br />the planned scope and timing of the audit,significant audit findings,and certain internal control <br />related matters that we identified during the audit. <br />Page 2 <br />Docusign Envelope ID: FE6E03E9-3378-4BE8-B2E5-0623619296B7